A born and bred New Yorker has laid bare why the city will never recover from the COVID-19 pandemic, a dark week of looting in June and its ongoing struggle against escalating crime, homelessness and violence.
James Altrucher, who co-owns a comedy club in the city and also describes himself as an angel investor and author, is among the many who have fled New York City.
He and his family fled to Miami after the June riots and looting made them fear for their lives and their children’s safety, when people tried to break into his apartment building.
He is convinced that the city will not ‘bounce back’, as many claim it will, and explains that unlike in previous times of crisis like 9/11 or the crime wave of the 70s, there is nothing bringing people back now because everyone can work remotely.
‘NYC has never been locked down for five months. Not in any pandemic, war, financial crisis, never.
‘In the middle of the polio epidemic, when little kids (including my mother) were becoming paralyzed or dying (my mother ended up with a bad leg), NYC didn’t go through this,’ he wrote.
An abandoned Times Square on Saturday with a billboard welcoming people back to the city. Thousands have fled, crime is on the rise and there is growing concern for how leaders like de Blasio and Cuomo are responding to the crisis
‘I love NYC. When I first moved to NYC, it was a dream come true. Every corner was like a theater production happening right in front of me. So much personality, so many stories.
‘Every subculture I loved was in NYC. I could play chess all day and night. I could go to comedy clubs. I could start any type of business. I could meet people. I had family, friends, opportunities. No matter what happened to me, NYC was a net I could fall back on and bounce back up.
‘Now it’s completely dead.
“But NYC always always bounces back.” No. Not this time.
James Altrucher, who co-owns a comedy club in the city and also describes himself as an angel investor and author, is among the many who have fled. He is convinced the city will never recover
“But NYC is the center of the financial universe. Opportunities will flourish here again.” Not this time.
“NYC has experienced worse.” No it hasn’t,’ he wrote.
‘I lived three blocks from Ground Zero on 9/11.
‘Downtown, where I lived, was destroyed, but it came roaring back within two years. Such sadness and hardship and then quickly that area became the most attractive area in New York.
‘And in 2008/2009, there was much suffering during the Great Recession, again much hardship, but things came roaring back.
‘But… this time is different. You’re never supposed to say that but this time it’s true.
‘If you believe this time is no different, that NYC is resilient, I hope you’re right.
‘I don’t benefit from saying any of this. I love NYC. I was born there. I’ve lived there forever. I STILL live there. I love everything about NYC. I want 2019 back.
‘But this time is different. One reason: Bandwidth.’
This time is different. You’re never supposed to say that but this time it’s true. If you believe this time is no different, that NYC is resilient, I hope you’re right.
In 2008, the average bandwidth speed was megabits per second, which was not fast enough for a Zoom meeting. Now, it’s 20 per second.
‘There’s a before and after. BEFORE: No remote work. AFTER: Everyone can work remotely. The difference: bandwidth got faster. And that’s basically it. People have left New York City and have moved completely into virtual worlds.
‘The Time-Life Building doesn’t need to fill up again. Wall Street can now stretch across every street instead of just being one building in Manhattan.
‘We are officially AB: After Bandwidth. And for the entire history of NYC (the world) until now, we were BB: Before Bandwidth. Remote learning, remote meetings, remote offices, remote performance, remote everything.
‘That’s what is different,’ he said.
In the last week, there have been more than 60 shootings across New York City that have left 76 people injured and 14 dead. Above, one crime scene on August 16
Protesters were seen stopping cars and threatening them in Manhattan over the weekend
Homeless encampments are popping up all over the city. Pictured, one of the encampments in lower Manhattan
Homeless people in New York City on August 14. Some residents say they no longer want to stay in New York because the homeless population is growing and becoming more aggressive
The three things that drew people to New York en masse – opportunities, food and culture – have all now been wiped out.
Businesses have realized they can continue to operate successfully with a remote staff. There are few that have returned as a result.
With no requirement to stay in the city for their jobs, many are unwilling to put up with the escalating crime.
There is growing disdain for Mayor Bill de Blasio who has done little to curb the escalating crime and homelessness
One man wrote in a Facebook group: ‘In the last week: I watched a homeless person lose his mind and start attacking random pedestrians. Including spitting on, throwing stuff at, and swatting.
‘I’ve seen several single parents with a child asking for money for food. And then, when someone gave them food, tossed the food right back at them. I watched a man yell racist slurs at every single race of people while charging, then stopping before going too far.’
Another said: ‘I’ve been living in New York City for about 10 years. It has definitely gotten worse and there’s no end in sight.
‘My favorite park is Madison Square Park. About a month ago a 19-year-old girl was shot and killed across the street.
‘I don’t think I have an answer but I do think it’s clear: it’s time to move out of NYC.
‘I’m not the only one who feels this way, either. In my building alone, the rent has plummeted almost 30% — more people are moving away than ever before. So…
‘It’s not goodbye yet. But a lifelong New Yorker is thinking about it.’
Altucher said he was not tempted to leave until June, when riots and looting took over the city for a week.
‘Nothing was wrong with the protests but I was a little nervous when I saw videos of rioters after curfew trying to break into my building,’ he wrote.
He has now moved with his family to south Florida and is unsure if they’ll come back.
‘I’m temporarily, although maybe permanently, in South Florida now. I also got my place sight unseen,’ he wrote.
The Sergeants Benevolent Association, the largest NYPD union, is endorsing Trump for re-election. The union is furious with de Blasio for stripping some of the police department’s resources
President Trump has lashed out at New York City’s mayor Bill de Blasio after a weekend of violence in which at least 50 people were shot in various incidents across the city
His comments come as the NYPD’s largest union – the Sergeants Benevolent Association – has taken the unorthodox step of formally endorsing Trump because cops are so frustrated with de Blasio’s handling of the city.
In June, he stripped the NYPD of $1billion in response to Black Lives Matter protesters who wanted to defund the department entirely.
Trump has vowed to revitalize the city if he wins the November election, but he hasn’t yet explained how. De Blasio remains in power until November 2021. He cannot be re-elected.
On Monday morning, the President phoned into Fox & Friends to discuss a range of issues, including New York City.
‘The mayor has no response. He doesn’t know what he’s doing, he’s a fool.
‘He’s a socialist, communist maybe he’s a fool. He got rid of some of the most talented policemen that there are in the world and that includes looking for very bad things all beyond New York.
‘Some of those people are gone and that’s no good. No, this is a fool. This is a fool.’ he said of de Blasio.
Crime has shot up in recent weeks, particularly shootings. There were more than 60 shootings across New York City in the last week, leaving 76 people injured.
In the last five years the number of shootings fell to a low of 754 in 2018, but is now rising
As shootings spiral, there is also a growing homeless problem with encampments popping up all over Manhattan. 13,000 homeless people have also been moved into hotels around the city
Trump said on Monday: ‘Look at the shootings. When I left New York four years ago, New York was, I could see the seeds of this because he’s been a bad mayor but new York was good.
‘It was okay. It all happened recently. It all came together. All of this over a period of years as he’s been mayor, but about a year, and then six months ago, it’s incredible what happened.
‘When I left New York four years ago, we were doing great. I was doing good. Everybody was doing good. Now but you could see the seeds were being sewn.
‘The seeds it was happening, bad stuff was happening you could see it, the squeegies were starting to come out, tents were starting to be built on the sidewall.’
The President then praised Rudy Giuliani as a ‘great mayor’ who did ‘a great job’.
‘Rudy Giuliani did a great job, between window, you know, fixed broken windows because he said that’s a sign and it leads a lot of people wouldn’t even understand that.
‘It’s psychologically very important but Rudy, he was a great mayor and he did stop and frisk. He did stop and frisk. He took guns away from bad people.
‘Now, if you take a gun away from a bad people oh, you got, you know, they sue you.
‘They sue you. It’s so crazy what they’ve allowed to happen,’ he fumed.
Trump added that most of the country was ‘strong’ and ‘law abiding’, but that Democratic cities like New York, Chicago and Portland are ‘run by fools’.
Last week, it emerged that 13,000 apartments were sitting empty in New York, the highest number in 14 years.
NYC and San Francisco see housing prices fall and homes linger on the market for longer amid COVID-19 pandemic – as demand for rental properties in US cities drops nationally
New York City and San Francisco have seen housing prices fall and homes linger on the market for longer amid the COVID-19 pandemic as demand for rental properties in US cities has dropped nationally.
Despite initial reports that city-dwellers were snatching up homes in the suburbs amid the pandemic, housing prices in urban areas have actually been keeping pace with suburban regions across the country, according to a data analysis by Zillow.
The exception to that trend, however, is being seen in NYC and San Francisco – the nation’s two most expensive housing markets.
The analysis looked into whether the COVID-19 outbreak and subsequent explosion in people working from home had kicked off a boom in typically less-expensive suburban areas.
It found that the rate of newly pending sales, which is a leading indicator of completed sales, has picked up since February in both urban and suburban areas.
Zillow economist Jeff Tucker said this trend showed there was no widespread evidence that Americans were buying up properties in the suburbs in a bid to flee cities.
The number of houses on the market in NYC has surged but buyer demand has not kept pace, according to StreetEasy’s July Market Report.
Homes for sale in the city’s five boroughs was up 6.1 percent in early August compared to last year and the number of rental properties across the city is up 63 percent.
The Zillow report says many sellers have accepted offers well below their asking price and homes are typically lingering on the market longer than usual – almost twice as long as last year in Manhattan alone.
Meanwhile, San Francisco has seen an even bigger flood of new listings.
Homes for sale is now up 97 percent this month compared to last year and listing prices have fallen 4.9 percent, the Zillow report shows.
‘When you step back and look at the bigger picture, it seems that those writing off urban real estate have done so prematurely,’ Tucker said.
‘There is some localized evidence of a softer urban market, particularly in the highest-priced markets, San Francisco and Manhattan, and an eye-catching divergence in sale prices, but no evidence of a widespread flight to suburban pastures.
‘The primary issue in much of the country is the inventory drought, both urban and suburban, that’s failing to meet the surprisingly robust demand from buyers eager to lock in record-low mortgage rates.’
Suburban home listings on Zillow are not getting any more attention compared to last year, according to the report.
Homes in the suburbs attract about three times the number of views that urban homes do but that is no different from last year.
Total page views on Zillow were up about 42 percent year over year in June, which was spread across suburban, urban and rural markets.
It shows that housing demand is high generally but not that buyers are flocking to homes in the suburbs in greater numbers than in previous years.
The rental market, however, has taken a hit nationally with rent prices in cities slowing more than in the suburbs compared to this time last year, according to the report.
While rent prices were stable earlier this year, rental demand has been hit by the spike in unemployment and the millions of young people that have moved in with parents or grandparents, the report says.
The typical urban ZIP code saw a decrease in rental demand of 2 percent from February to June, while the typical suburban ZIP code fell 1.4 percent in the same time frame.
Before the pandemic, demand was moving upward but both urban and suburban rentals have fallen below their pre-crisis trends.
Of the 43 major metros analyzed by Zillow, 24 saw higher rent growth in suburban ZIP codes compared to urban ZIPs.
Urban areas in New York saw a 3.8 percent drop in rental demand and a 1.3 percent decline in suburban areas.
Dallas saw rental demand drop 3.7 percent in urban areas but only 0.5 percent in the suburbs.
Rental demand dropped 3.9 percent in San Francisco’s urban areas but only declined by 1.3 percent in the suburbs.
Phoenix saw rental demand drop 3.2 percent in urban areas compared to the 2.8 percent drop in suburbia.
Pittsburgh’s urban areas saw a decline of 3.8 percent but only a 2.4 percent drop in suburban areas